Cyprus-based owner Castor Maritime has sold two of its 2010-built panamax bulk carriers to family members of its chairman and CEO, Petros Panagiotidis.
The Nasdaq-listed outfit is shipping out the 78,800 dwt Magic Nova for $16.1m and the 76,600 dwt Magic Horizon for $15.8m after buying the vessels for a reported $13.86m and $12.75m, respectively, in 2020.
Both vessels should change hands by the end of the first quarter of 2024, with Castor netting a gain of about $9m.
Panagiotidis’ sister, Ismini Panayotides, controls the shipowning outfit Pavimar, which is listed with a fleet of 10 bulkers. The duo had previously carried out a transaction involving two containerships in a $50.75m deal that saw Castor enter the boxship sector. Earlier this year, the company sold the 2010-built kamsarmax Magic Venus to a member of Panagiotidis’ family, which was acquired from Pavimar for $15.85m in January 2021.
Castor still owns the 2005-built 2,700 teu ships along with 14 bulk carriers, four of which are set to exit the fleet.
